Occidental in talks to sell petrochemical business for $10 billion: FT

Occidental Petroleum is considering selling its OxyChem division, with expectations that the deal could exceed $10 billion.

If completed, this sale would mark Occidental's largest divestiture and enable the company to create a leading independent petrochemical enterprise globally.

The Houston-based company has been actively divesting assets to reduce debt, and an announcement regarding the OxyChem sale is anticipated in the near future.

Recommendation Rating: Significant Strategic Move Ahead

Occidental Petroleum (NYSE: OXY) is currently in discussions to sell its OxyChem division, a deal anticipated to surpass $10 billion, as reported by the Financial Times on Sunday.

Should this transaction proceed, it would represent Occidental's largest divestiture to date, effectively positioning the company to establish one of the leading independent petrochemical enterprises globally, according to sources close to the negotiations.

Based in Houston, Occidental has been active in selling off assets as part of its strategy to reduce debt. The announcement regarding the OxyChem sale could be made in the coming weeks, according to the report.